It has been revealed in a recent industry report that many first time buyers have been seeking mortgage related advice in the current difficult financial climate, as they desperately try and get their foot onto the property ladder.

Figures have shown that in June the majority of mortgage related enquiries from those looking for advice came from first time buyers, many of whom have struggled to get affordable mortgage finance due to restrictions put into place by lenders.

During the month of June over 40 percent of those looking for mortgage advice from one industry group were first time buyers according to officials from the group.

The next highest number of enquiries came from those that wanted to remortgage according to the group. Officials from the group have said that the increase in enquiries from those looking to remortgage suggests that more and more people are thinking to trying to get better rates by changing their mortgages.

He said: “These latest figures suggest a stirring amongst those thinking about re-mortgaging, after the previous two months drop in re-mortgage enquiries.”

Whilst mortgage lending has been increasing over recent weeks, according to various figures and data, banks are still being highly selective when it comes to lending money for mortgages, and many first time buyers are suffering as a result.

This has led to more potential buyers turning to industry officials for advice on getting a mortgage, as many are keen to get onto the property ladder whilst the base interest rate is still at its all time low and whilst property prices are still down compared to their peak in 2007.

Higher deposit requirements from lenders are also causing problems for first time buyers who have no previous property from which to take equity.

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